Rate my trades - A newbie diary

Well, still watching this develop. I also added a seperate MACD for other periods (40 80 10) to give me a second confirmation. I was also looking at adding some volume indicators but after reading up it seems that these are pretty irrelevant to forex.

Again, I wonder if anyone has any comments for settings in my indicators, useful companion indicators, or the trade itself?

Many thanks

David

I do agree with your idea, it sounds good

A quick update on the swissy trade I am looking at. Since I posted it has entered another bearish period, this seems weak, but could still end up with a bearish rally. If it turns as I think it will, i'll hop on for a buy. If not, there are plenty of other pairs.

I placed a buy trade on the AUD/JPY.

I bought at: 77.390
Stoploss: 73.586
Take Profit: 79.729

This pair looks (to my untrained eye) to be coming out of a good double bottom. It appears that the downswing has met good resistence (and a nice inverted hammer) and I believe it is now following an upward trand that should, at least take it up as far as its most recent high. Hopefully quite a bit further.

Both MACDs are starting to suggest an uptrend, as are the guppy lines.

My take profit is set low, but I will be following it manually so won't sell there if it looks to be continuing.

Stop loss is currently set at the last two bottoms, I may move this up some if I need to leave the computer for a long period of time. We shall see.

I will be closing the trade regardless late tomorrow anyway. So I might miss most of the uptrend if it comes, but as my rules say. No leaving trades open over the weekend.

Again, tear me to shreds if you wish. Only way I will learn!

http://img96.imageshack.us/img96/2738/image3mx.jpg

I just wanted to note that I went aganist my own rules here and decided to let this run over the weekend.

Why?

1) I set that rule for the wrong reasons. Believing that I am leaving myself open to nasty jumps, and while most trades will still be closed on this day for the above reason. Not all will.

2) Not all includes this one. Because it is so obvious really. Perfect double bottom and double top. Some resistance at the 61.8 fib, but other than that it is such a clear uptrend.

My big mistake here was waiting too long to get into the trade. OK, i'm looking for multiple signals, but I believe the price action here says it all. I should have gone in before MACD also confirmed and caught a lot more.

I have some other trades building and will be posting them tomorrow.

Comments please! I am doing this so I can learn, in particular so I can find out what I am missing. For instance, at the bottom of the trend there is what could be defined as a bullish engulfing bar. However this is only if you take the wick into account and my understanding is that the real body has to engulf. I have since been told that in some cases we can take a bar like that as an engulfing bar and that this is 100% one of of those cases.

If some can and some can't, how do I know the difference?